Pursuant to amalgamation, the assessee recognised goodwill representing the excess of purchase consideration over the net assets acquired and claimed depreciation thereon. The Tribunal held that the valuation of goodwill and other intangible assets was based on recognised professional valuation and had been accepted while sanctioning the scheme of amalgamation. In the absence of any material disputing the valuation, depreciation on goodwill was allowable. Following its earlier decision in the assessee’s own case, the Tribunal held that unabsorbed depreciation of the amalgamating company pertaining to years prior to assessment year 2002-03 was eligible for carry forward and set-off by the amalgamated company.  (AY.  2006-07 to 2012-13).